Late Afternoon Rally Leaves Market Looking Up
Today the market ended in positive territory despite the Lehman (LEH) woes with a late afternoon rally allowing all three major indices to close up over 1%.
Economic headline highlights: Another rate cut may still be in the cards for this year, 30-year mortgages dipped to their lowest level since April, and the US Trade deficit exploded to a 16-month high for July.
Corporate headline news: Yahoo (YHOO) announcing that they will be redesigning their homepage, and Washington Mutual (WM) was downgraded after projecting a $4.5 billion dollar increase in reserves for bad loans. Also the SEC has initiated an investigation into UAL Corp’s (UAUA) stock drop after an outdated story covering its bankruptcy was treated as fresh news.
Here is a look at the major indices as of the 4:00 PM market close today:
Discuss this post in the StockTradingToGo Forum or email us.
Subscribe To StockTradingToGo.com
Take a look at a 30 minute intraday chart, all three indices should move up tomorrow.
A nice rally at the end there, with this market so volatile though I am expecting anything.